U/s 24 tax deductions for flat

1. Can I claim deductions for rental property for both of these flat’s, in addition to the deductions i claim on flat that i reside in?

Yes you can claim the deductions for interest paid(without any limit) & the std ded @ 30% on both the new flats that are in the joint name of you & your wife.  You can also claim the interst deduction upto 1.50lacs in the property you are residing.

2. Would the total limit for dedutions the 3 flats togather be 1.5 lac's or is it seperate for each flat?

For the new flats taken in the joint name of you & your wife deduction of interest without any limit can be taken separately of each of the two flats.  For the self-occupied flat deduction of interest only upto Rs 1.50lacs can be taken

3. Does it have to be pro-rated for me and my wife (even if she does not pay the EMI)?

If you are in the higher tax bracket & your wife is in the lower tax bracket, then you can claim the bigger share of the EMI paid say about 70% & your wife can claim a smaller share

4. How does pre-EMI interest gets claimed in case of rental property?

In case of rental property,  the deduction of interest paid on the home loan can be claimed without any limit i.e. the actual interest paid during the F.Y. can be claimed.  The principal amount paid is eligible for deduction u/w 80C for all the three flats

5. Can I claim deductions in last financial year (that ended on March 2012) even if I get possession in June 2012?

No if you have got the possession in Jun12 then you can’t claim the interest in F.Y. 2011-12, as the pre-emi interest is allowed as a deduction in five equal instalments from the year in which you get the possession of the flat for the period upto the March end of the previous F.Y.

6. Once I rent the flats, would the rental income have to be split between me and my wife for tax purposes, even if only I continue paying the EMI?
7. If you are in the higher tax bracket & your wife is in the lower tax bracket, then you can claim the bigger share of the EMI paid say about 70% & your wife can claim a smaller share

Though property is not rented out, you may claim deduction for Interest as well principal amount.

Here you need to choose one property as self occupied and other as deemed let out property. choice of self occupied property should be made by owner after considering the benefit of taxation and any property can be choosen as self occupied and other will be as deemed let out.

Only one property will be self occupied property.

Thanks

Mihir doshi